2023 Q2 Form 10-Q Financial Statement

#000149315223017180 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $130.0K $100.0K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $130.0K $100.0K $180.00
YoY Change 81150.0% -98.2%
Operating Profit -$133.8K -$97.18K
YoY Change 85683.97% 359825.93%
Interest Expense $600.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $470.0K -$100.0K -$180.00
YoY Change -293850.0% -98.2%
Income Tax
% Of Pretax Income
Net Earnings $468.7K -$97.18K -$180.00
YoY Change -293039.38% 359825.93% -98.2%
Net Earnings / Revenue
Basic Earnings Per Share $0.08 $43.62
Diluted Earnings Per Share -$0.02 -$3.90 $0.00
COMMON SHARES
Basic Shares Outstanding 8.140M shares 133.3K shares
Diluted Shares Outstanding 2.140M shares 1.514M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.0K $320.0K $47.48K
YoY Change 136.25%
Cash & Equivalents $0.00 $0.00 $0.00
Short-Term Investments
Other Short-Term Assets $110.0K $90.00K $6.980K
YoY Change
Inventory
Prepaid Expenses $114.1K $87.20K $6.979K
Receivables
Other Receivables $34.32K
Total Short-Term Assets $264.6K $446.1K $54.46K
YoY Change 229.38%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $61.80M $61.20M
YoY Change
Other Assets $30.00K $40.00K $443.3K
YoY Change -88.28%
Total Long-Term Assets $61.83M $61.24M $443.3K
YoY Change 17847.92%
TOTAL ASSETS
Total Short-Term Assets $264.6K $446.1K $54.46K
Total Long-Term Assets $61.83M $61.24M $443.3K
Total Assets $62.10M $61.69M $497.7K
YoY Change 12841.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $125.6K $187.3K $38.62K
YoY Change 998.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $444.0K
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $135.6K $197.3K $482.6K
YoY Change -57.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $135.6K $197.3K $482.6K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $135.6K $197.3K $482.6K
YoY Change -57.21%
SHAREHOLDERS EQUITY
Retained Earnings -$240.9K -$107.1K -$9.897K
YoY Change
Common Stock $214.00 $214.00 $173.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $156.9K $290.7K $15.10K
YoY Change
Total Liabilities & Shareholders Equity $62.10M $61.69M $497.7K
YoY Change 12841.46%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $468.7K -$97.18K -$180.00
YoY Change -293039.38% 359825.93% -98.2%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$210.0K -$60.59K -$3.920K
YoY Change 544.6%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$61.20M
YoY Change
Cash From Investing Activities $0.00 -$61.20M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $61.54M -2.620K
YoY Change -111682.5% -101.31%
NET CHANGE
Cash From Operating Activities -210.0K -$60.59K -3.920K
Cash From Investing Activities 0.000 -$61.20M
Cash From Financing Activities 0.000 $61.54M -2.620K
Net Change In Cash -210.0K $277.2K -6.540K
YoY Change -529.36% -103.27%
FREE CASH FLOW
Cash From Operating Activities -$210.0K -$60.59K -$3.920K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.20
CY2023Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.20
CY2023Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.20
CY2023Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.20
CY2023Q1 TMTCU Cash Deposited Into Trust Account
CashDepositedIntoTrustAccount
61200000 usd
CY2023Q1 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
3868701 usd
CY2023Q1 us-gaap Payments For Underwriting Expense
PaymentsForUnderwritingExpense
1200000 usd
CY2023Q1 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
2668701 usd
CY2023Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
324632 usd
CY2023Q1 us-gaap Cash
Cash
324632 usd
CY2023Q1 TMTCU Working Capital
WorkingCapital
248833 usd
CY2023Q1 us-gaap Deferred Offering Costs
DeferredOfferingCosts
25000 usd
CY2023Q1 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
444018 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_846_eus-gaap--UseOfEstimates_zOqt5apaqcCd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zpVh6oTTtR54">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statement in conformity with US GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 usd
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_842_eus-gaap--ConcentrationRiskCreditRisk_zYAAjI3e06Jd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zh543P3AOnkh">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $<span id="xdx_90F_eus-gaap--CashFDICInsuredAmount_iI_c20230331_z6kyNhalNEAi" title="Cash FDIC insured amount"><span id="xdx_90E_eus-gaap--CashFDICInsuredAmount_iI_c20221231_ze5BCywX8ae1" title="Cash FDIC insured amount">250,000</span></span>. At March 31, 2023 and December 31, 2022, the Company did not experience losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-97180 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-27 usd
CY2023Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
6336146 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6433326 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-27 usd
CY2023Q1 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.20
CY2023Q1 us-gaap Net Shares Reclassified To Mandatorily Redeemable Capital Stock Value
NetSharesReclassifiedToMandatorilyRedeemableCapitalStockValue
3781346 usd
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1725000 shares
CY2023Q1 TMTCU Business Acquisitions Name Of Acquired Entity
BusinessAcquisitionsNameOfAcquiredEntity
The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of the initial Business Combination and (B) the date on which we complete a liquidation, merger, share exchange, reorganization or other similar transaction after our initial business combination that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the last reported sale price of the ordinary shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination.
CY2023Q1 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
10000 usd
CY2023Q1 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
10000 usd
CY2023Q1 us-gaap Underwriting Commitments
UnderwritingCommitments
The underwriters were entitled to a cash underwriting discount of $0.20 per Unit, or $1,200,000 in the aggregate, which was paid upon the closing of the Initial Public Offering.
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Holders of Class A and Class B ordinary shares were entitled to one vote for each share.
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2140000 shares
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2140000 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1725000 shares
CY2023Q1 us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
Simultaneously with the closing of the IPO, the Company issued to Maxim Partners LLC, pursuant to the underwriting agreement, 270,000 Representative Shares (the “Representative Shares”). The underwriter has agreed not to transfer, assign or sell any such Representative Shares without prior consent of the Company until the completion of the initial Business Combination.
CY2023Q1 TMTCU Fair Value Of Representative Shares
FairValueOfRepresentativeShares
1741500 usd

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